# Time-Varying Analysis: Demographics → Diversification

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| I-1990s: Z → gross_assets | gross_assets_gdp | 1,138 | 151 | 0.066 |
| I-2000s: Z → gross_assets | gross_assets_gdp | 1,723 | 177 | 0.015 |
| I-2010s: Z → gross_assets | gross_assets_gdp | 1,737 | 177 | 0.013 |
| I-2020-24: Z → gross_assets | gross_assets_gdp | 698 | 175 | 0.019 |
| I-pre2008: Z → gross_assets | gross_assets_gdp | 2,512 | 177 | 0.053 |
| I-post2008: Z → gross_assets | gross_assets_gdp | 2,784 | 177 | 0.010 |
| I-break: Z×postGFC → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.020 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| I-1990s: Z → gross_assets | Z_1 | -593.7013 | 431.3348 | 0.1690 |  |
| I-1990s: Z → gross_assets | Z_2 | 124.1200 | 69.2826 | 0.0735 | * |
| I-1990s: Z → gross_assets | Z_3 | -6.0168 | 2.9836 | 0.0440 | ** |
| I-2000s: Z → gross_assets | Z_1 | -3147.3937 | 1479.3604 | 0.0335 | ** |
| I-2000s: Z → gross_assets | Z_2 | 561.1560 | 228.4509 | 0.0141 | ** |
| I-2000s: Z → gross_assets | Z_3 | -24.9512 | 9.5625 | 0.0092 | *** |
| I-2010s: Z → gross_assets | Z_1 | -664.5824 | 1164.1171 | 0.5681 |  |
| I-2010s: Z → gross_assets | Z_2 | 122.3840 | 170.4761 | 0.4729 |  |
| I-2010s: Z → gross_assets | Z_3 | -5.3535 | 6.8453 | 0.4343 |  |
| I-2020-24: Z → gross_assets | Z_1 | -2806.3581 | 1342.7155 | 0.0370 | ** |
| I-2020-24: Z → gross_assets | Z_2 | 420.2477 | 188.4235 | 0.0260 | ** |
| I-2020-24: Z → gross_assets | Z_3 | -16.8138 | 7.4530 | 0.0244 | ** |
| I-pre2008: Z → gross_assets | Z_1 | -1108.9430 | 405.3605 | 0.0063 | *** |
| I-pre2008: Z → gross_assets | Z_2 | 203.0755 | 64.1448 | 0.0016 | *** |
| I-pre2008: Z → gross_assets | Z_3 | -9.0484 | 2.7338 | 0.0009 | *** |
| I-post2008: Z → gross_assets | Z_1 | -1851.5984 | 1038.9190 | 0.0748 | * |
| I-post2008: Z → gross_assets | Z_2 | 291.7567 | 148.8004 | 0.0500 | * |
| I-post2008: Z → gross_assets | Z_3 | -11.9922 | 5.9584 | 0.0442 | ** |
| I-break: Z×postGFC → gross_assets | Z_1 | -1396.2796 | 591.6887 | 0.0183 | ** |
| I-break: Z×postGFC → gross_assets | Z_2 | 235.7643 | 88.3924 | 0.0077 | *** |
| I-break: Z×postGFC → gross_assets | Z_3 | -10.0477 | 3.6438 | 0.0058 | *** |
| I-break: Z×postGFC → gross_assets | post_gfc | 5.6096 | 15.3888 | 0.7155 |  |
| I-break: Z×postGFC → gross_assets | Z_1_x_postgfc | 1.7173 | 7.8801 | 0.8275 |  |

*Time-varying analysis: decade splits, pre/post GFC, and structural break interaction.*